Originally posted by Bogdan G. For the full review and download click here
Why “Support – Resistance” doesn’t Suck?
I think every trader should have some knowledge about support and resistance as it is an important part of trading. But in the beginning, S/R levels seem too complicated and hard to identify. At least that’s how it was for me and that’s what makes this indicator valuable. Think of it like some training wheels on your bike when you first learn to ride it; it helps, although a rider using training wheels will never go as fast as one that is experienced and doesn’t need them. With time, you will learn to ride with no training wheels on.
Wrapping it up
This is not a strategy and you should never forget that. Do not use the indicator alone when you trade. Instead, rely on it for confirming your strategy and helping you to see the price waves better. When you feel comfortable enough identifying your own levels, just delete it from your charts or keep it only to confirm the levels that you found. Support and Resistance is a very complex subject and what I wrote about it here definitely does not cover it entirely because I wanted to focus more on the custom indicator. I hope you find it useful and as always, “Thanks!” to the guy that created it, whoever he might be.